388 Redding Rd · Lexington-Fayette, KY 40517

$999,900

16 bd · 8.0 ba · 7,300 sqft · MultiFamily public records · 64 Days on market

Built 1978 0.27 ac lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Rent growth +3.6/5.0
• Schools +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Attention Investors! 8-Unit Apartment Building. Turn-Key Investment Opportunity With Immediate Value-Add Potential! All the heavy lifting has already been done on this fully occupied asset, making it an easy addition to your portfolio. Recent major capital improvements include a newer roof, gutters, windows, siding, and breaker panels. Several units have also been recently updated/renovated, creating a strong blend of current stability and upside through future interior updates. The property is currently 100% occupied, with all tenants (8) on month-to-month leases, offering maximum flexibility for rent increases, additional renovations, or portfolio repositioning. 5 of 8 tenants are long

Key facts

• Newer breaker panels
• Newer roof
• Newer siding

Tags

• 8 UNIT APARTMENT BUILDING
• NEWER ROOF
• NEWER GUTTERS
• NEWER WINDOWS
• NEWER SIDING
• NEWER BREAKER PANELS

Property features AI

Finance

• Other: Zoning: R-3 (Planned Neighborhood Residential); Lot size about 11,700 sq ft (0.2686 acres); Parcel number 13744638

Exterior

• Home design: Multi-family property; 2 stories
• Construction: Building area approximately 7,300 total square feet
• Exterior features: Located next to Kirklevington Park; Subdivision: Kirklevington

Interior

• Bathrooms: 8 full bathrooms
• Heating & cooling: Electric heating; Central air
• Interior features: Central air conditioning

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $1000k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $1000k).
• Recommended offer: $940k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 3.8% in Lexington-Fayette — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Fayette County (urban): math 35% / reading 45% proficiency, ranked #27 of 165 in KY (top 16%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tates Creek High School (math 29% / reading 32%, grade F, #121 of 254 statewide, top 47%, 1,734 students, 52% FRL).
• Market conditions: Rents rising fast (+4.5%/yr); 103 active listings in the ZIP; 1,036 units permitted in Fayette County in 2024 (542 in 5+ unit buildings).
• At $10,223/mo this rent would consume 229% of the median local household income ($54k/yr) (locally 2743% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Fayette County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $280k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($940k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $660k; list at $1000k implies a 52% gain — meaningful room to come down on a strong offer.

Recommended offer $939,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.04%
• DSCR: 1.40
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.52% rent growth · sell at horizon

5-year hold

• IRR: -1.1%
• Equity multiple: 0.96×
• Total profit: $-12,318
• Equity at exit: $149,088

10-year hold

• IRR: 9.9%
• Equity multiple: 1.81×
• Total profit: $227,611
• Equity at exit: $86,453

Cash invested: $279,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kentucky: 83 Strongly Landlord-Friendly · R+16
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit (URLTA cities); generally landlord-friendly.

Methodology + full state rankings →

ZIP-level market 40517

• Rents YoY: 4.5%
• Active inventory: 103
• Price-to-rent: 65.2×

Monthly cashflow live

• Estimated rent: $10,223 high
• Mortgage (P&I): −$5,244
• Tax from tax record: −$308 /mo · $3,695/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,147
• Net cashflow: $2,108

Break-even live

Break-even rent $7,555

Max offer price $999,900

Occupancy floor 74%

Sensitivity live

Price	-10% $2,674	-5% $2,391	+0% $2,108	+5% $1,825	+10% $1,542
Rent	-10% $1,300	-5% $1,704	+0% $2,108	+5% $2,512	+10% $2,916
Rate	-1.0pp $2,612	-0.5pp $2,362	base $2,108	+0.5pp $1,849	+1.0pp $1,585

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$10,224
Total (8 units)			$10,223

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $249,975
• Closing costs: $29,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $999,900 Active 64 DOM
2. 2026-06-17
   days on market $999,900 Active 63 DOM
3. 2026-06-16
   days on market $999,900 Active 62 DOM
4. 2026-06-15
   days on market $999,900 Active 61 DOM
5. 2026-06-14
   days on market $999,900 Active 59 DOM
6. 2026-06-13
   days on market $999,900 Active 58 DOM
7. 2026-06-10
   days on market $999,900 Active 56 DOM
8. 2026-06-09
   days on market $999,900 Active 55 DOM
9. 2026-06-08
   days on market $999,900 Active 54 DOM
10. 2026-06-07
    pricedays on market $999,900 Active 53 DOM
11. 2026-06-05
    days on market $1,049,900 Active 50 DOM
12. 2026-06-03
    days on market $1,049,900 Active 49 DOM
13. 2026-06-02
    days on market $1,049,900 Active 48 DOM
14. 2026-06-01
    days on market $1,049,900 Active 47 DOM
15. 2026-05-31
    days on market $1,049,900 Active 46 DOM
16. 2026-05-18
    price $1,049,900
17. 2026-05-05
    price $1,069,900
18. 2026-04-15
    listed $1,099,900 Active
19. 2022-02-16
    soldstatus $659,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KY · Resets to sale price

• Current annual tax: $3,695 · $308/mo
• Projected year-2 tax: $8,599 · $717/mo
• Expected delta: +$4,904/yr (+$409/mo · 132.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $122,676
• − Mortgage interest: −$56,010
• − Property taxes: −$3,695
• − Insurance: −$5,000
• − Repairs & maintenance: −$9,814
• − Management: −$9,814
• − Depreciation: −$29,088
• Taxable income: $9,255
• Est. tax owed @ 24.0%: −$2,221
• After-tax cash flow: $23,075/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fayette County
• NCES district ID: 2101860
• Math proficiency: 35% ▼ -16.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $49,245
• Composite: 34.38/100
• National rank: #5211
• State rank: #27 of 165 in KY

Livability — Lexington-Fayette

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lexington-Fayette, KY
• County: Fayette County · 317,143 people
• City population: 321,882
• Metro: Lexington-Fayette, KY
• Population (ZIP): 35,656
• Household income: $53,670
• Rent vs Own: 64.3% rent · 35.7% own
• Severe rent burden: 2743.0

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 363,454 people
• By 2030: 388,270 · +6.8%
• By 2040: 438,688 · +20.7%
• By 2050: 490,667 · +35.0%
• By 2075: 625,394 · +72.1%
• By 2100: 721,354 · +98.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 24% Two or more races 9% Hispanic / Latino 8% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 87% English-only · Spanish 6% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Fayette

• 2024 margin: D (+18.1) · D 58.0% · R 39.9% · Other 2.1%
• 2008→2024 swing: +13.3pp toward D · 2008: 4.8pp · 2024: 18.1pp
• All cycles: 2024: D+18.1 2020: D+20.8 2016: D+9.5 2012: D+1.0 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -182.53%
• Current HPI: 248.0466
• Rent YoY: ▲ 4.52%
• Metro: Lexington-Fayette, KY
• State GDP YoY: ▲ 1.81%
• F500 in state: 4

Industry mix (Fortune 500 HQ in KY)

Industry	F500 HQs	Revenue
▸Healthcare	1	$118B
▸Food / Beverage	1	$7B

Price history

+59.2% since first listed

4 events — show timeline

• 2026-05-18 Price Changed $1,049,900 ImagineMLS
• 2026-05-05 Price Changed $1,069,900 ImagineMLS
• 2026-04-15 Listed $1,099,900 ImagineMLS
• 2022-02-16 Sold (Public Records) $659,500 Public Records

Property tax history

+1.8%/yr

Latest (2015): $3,695 · +1.8% YoY. Source: county tax records.